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Hurricane Harvey spurs regulatory relief, assistance for banks

Joe Mont | August 30, 2017

Recognizing “the serious impact of Hurricane Harvey on the customers and operations of many financial institutions,” Federal and state bank regulators have issued guidance for institutions in Texas.

A statement from the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and state bank regulators this week says they “will provide regulatory assistance to affected institutions subject to their supervision.” The agencies encourage institutions in the affected areas “to meet the financial services needs of their communities.”

A complete list of the affected disaster areas can be found at www.fema.gov.

Regarding lending, the advisory says “bankers should work constructively with borrowers in communities affected by Hurricane Harvey.”

“The agencies realize that the effects of natural disasters on local businesses and individuals are often... To get the full story, subscribe now.